$350,000 mortgage at 8%: monthly payment over 30 and 15 years
Borrow $350,000 at 8% and the principal-and-interest payment is $2,568.18 a month over 30 years, or $3,344.78 over 15. The rest of this page shows where the money goes: total interest, the balance year by year, the month PMI can end, and what a late payment costs.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $2,568.18 | $3,344.78 |
| Total interest over the term | $574,543 | $252,061 |
| Total paid (principal + interest) | $924,543 | $602,061 |
| Interest as a share of total paid | 62% | 42% |
Principal and interest only. Property taxes, homeowners insurance, mortgage insurance and HOA dues are added to the actual payment. Rates shown are for the arithmetic, not an offer; see 30-year vs 15-year for how to choose.
Where the payments go: the 30-year amortization
Of the first twelve payments ($30,818), interest takes $27,894 and principal $2,924. The table shows the remaining balance at five-year marks.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $332,744 | $17,256 |
| 10 years | $307,036 | $42,964 |
| 15 years | $268,735 | $81,265 |
| 20 years | $211,673 | $138,327 |
| 25 years | $126,658 | $223,342 |
When PMI can be cancelled
If this loan was more than 80% of the home’s original value, private mortgage insurance applies until the balance falls to 80% (cancellation on request) and 78% (automatic). By the schedule alone, with no extra payments or appreciation:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $360,825 | month 152 | month 163 |
| 95% | $368,421 | month 142 | month 154 |
| 90% | $388,889 | month 112 | month 127 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
Missing a payment on this loan
Most mortgages charge a late fee of 4% to 5% of the principal-and-interest payment after a 15-day grace period (state caps vary): on this loan, about $102.73 to $128.41. The costlier consequence comes at day 30, when the servicer may report the payment late to the credit bureaus — a mark that stays seven years. Before it happens: the first 72 hours after a missed payment.
How the payment is computed
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $350,000, r = 8% ÷ 12 = 0.6667% per month, n = 360 (30 years) or 180 (15 years).
Total interest is M × n − P. The remaining balance after k payments is P(1 + r)k − M((1 + r)k − 1) ÷ r. Every figure on this page comes from these two expressions.
Frequently asked questions
What is the monthly payment on a $350,000 mortgage at 8%?
$2,568.18 a month for principal and interest on a 30-year fixed loan, or $3,344.78 on a 15-year fixed loan. Property taxes, homeowners insurance, mortgage insurance and any HOA dues are added on top and typically raise the total payment by 25% to 50%.
How much interest will I pay on a $350,000 loan at 8%?
$574,543 over 30 years, or $252,061 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $27,894 of your $30,818 in payments is interest and $2,924 reduces the balance.
When can I cancel PMI on a $350,000 loan at 8%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 142 (when you may request cancellation) and 78% in month 154 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 6% · 7%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $300,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.